MWM offers a variety of advisory services, which include financial planning, consulting, and investment
management services. Prior to MWM rendering any of the foregoing advisory services, clients are required
to enter into one or more written agreements with MWM setting forth the relevant terms and conditions of
the advisory relationship (the “Advisory Agreement”).
MWM filed for registration as an investment adviser in March 2022 and is owned by Thomas M. Moran,
Patrick Moran, Kylen S. Moran, Donald Drury, Charles Chesebrough, Michael Mongin, Christina D. Shaw,
Angelett N. Nurse, Corey R. Grant, Ryan E. Frank, Chelsea Ganey, and Ashley Buboltz. As of December
31, 2023, MWM has $4,266,886,768 in assets under management; $3,344,884,208 of which was managed
on a discretionary basis and $922,002,560 of which was managed on a non-discretionary basis. In addition,
the Firm (through its business name of Pelican Bay Capital Management) has assets under advisement of
$177,495,486. The assets under advisement are through a sub-advisory relationship where Pelican Bay
Capital Management provides recommendations to a client, but the client implements the recommendations
based on its discretion.
While this brochure generally describes the business of MWM, certain sections also discuss the activities
of its Supervised Persons, which refer to the Firm’s officers, partners, directors (or other persons occupying
a similar status or performing similar functions), employees or other persons who provide investment advice
on MWM’s behalf and are subject to the Firm’s supervision or control.
Financial Planning and Consulting Services
MWM offers clients a broad range of financial planning and consulting services, which include any or all
of the following functions:
• Business Planning
• Cash Flow Forecasting
• Trust and Estate Planning
• Financial Reporting
• Investment Consulting
• Insurance Planning
• Retirement Planning
• Risk Management
• Charitable Giving
• Distribution Planning
• Tax Planning
• Education Planning
While each of these services is available on a stand-alone basis, certain of them can also be rendered in
conjunction with investment portfolio management as part of a comprehensive wealth management
engagement (described in more detail below).
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In performing these services, MWM is not required to verify any information received from the client or
from the client’s other professionals (e.g., attorneys, accountants, etc.,) and is expressly authorized to rely
on such information. MWM recommends certain clients engage the Firm for additional related services
and/or other professionals to implement its recommendations. Clients are advised that a conflict of interest
exists for the Firm to recommend that clients engage MWM or its affiliates to provide (or continue to
provide) additional services for compensation, including investment management services. Clients retain
absolute discretion over all decisions regarding implementation and are under no obligation to act upon any
of the recommendations made by MWM under a financial planning or consulting engagement. Clients are
advised that it remains their responsibility to promptly notify the Firm of any change in their financial
situation or investment objectives for the purpose of reviewing, evaluating or revising MWM’s
recommendations and/or services.
Family Office Services
The Firm can be engaged to provide family office services. The family office services include:
• Household finances – including bookkeeping, bill paying, budgets, cash flow.
• Tax preparation - coordination with CPA, compiling necessary information/documents for
timely completion of return(s).
• Coordination with other professionals (attorney/CPA/financial) as needed to assist in
managing affairs, keep up-to-date on client’s current/upcoming situation and life changes.
• Communication with family contact/POA/trustee regarding on going status of finances,
property, household employees/aides, upcoming matters and issue that arise.
• Insurance/claims support.
• LTC filing/claims support.
• Support with responsibilities after a spouse passes.
• Support with fraud issues.
• Medical billing issues/medicare/supplemental/prescription.
• Support regarding household employees/home health aides and payroll.
• Support with maintenance/repair of properties.
• Support with running multiple households for out of state/seasonal clients.
• Support with moving/shipping logistics.
• Coordination of appointments and transportation.
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Consulting Services for Variable Annuity Contracts
The Firm can provide advice to clients regarding their variable annuities and/or insurance policies through
a relationship with RetireOne, Inc. and EF Legacy Securities, LLC (“EFLS” and together with RetireOnce,
Inc., “RetireOne”) or DPL Financial Partners, LLC (“DPL”). RetireOne and DPL engage the Firm
to advise
the client on the investment of the subaccounts amongst the various options available. The services are
provided to RetireOne or DPL for customers (“Brokerage Customers”) who provide written consent
requesting to receive the Firm’s consulting services. The Firm only provides these services to clients that
have signed an Advisory Agreement with the Firm and have consented to such with RetireOne and/or DPL.
Wealth Management Services
MWM provides clients with wealth management services which include a broad range of financial planning
and consulting services as well as discretionary and/or non-discretionary management of investment
portfolios.
MWM primarily allocates client assets among various mutual funds, exchange-traded funds (“ETFs”),
individual debt and equity securities, including American Depository Receipts (“ADRs”), and alternative
investments (including private collective investment vehicles and other privately place securities) in
accordance with their stated investment objectives.
Where appropriate, the Firm also provides advice about any type of legacy position or other investment
held in client portfolios, but clients should not assume that these assets are being continuously monitored
or otherwise advised on by the Firm unless specifically agreed upon. Clients can engage MWM to manage
and/or advise on certain investment products that are not maintained at their primary custodian, such as
variable life insurance and annuity contracts and assets held in employer sponsored retirement plans and
qualified tuition plans (i.e., 529 plans). In these situations, MWM directs or recommends the allocation of
client assets among the various investment options available with the product. These assets are generally
maintained at the underwriting insurance company or the custodian designated by the product’s provider.
MWM tailors its advisory services to meet the needs of its individual clients and seeks to ensure, on a
continuous basis, that client portfolios are managed in a manner consistent with those needs and objectives.
MWM consults with clients on an initial and ongoing basis to assess their specific risk tolerance, time
horizon, liquidity constraints and other related factors relevant to the management of their portfolios.
Clients are advised to promptly notify MWM if there are changes in their financial situation or if they wish
to place any limitations on the management of their portfolios. Clients can impose reasonable restrictions
or mandates on the management of their accounts if MWM determines, in its sole discretion, the conditions
would not materially impact the performance of a management strategy or prove overly burdensome to the
Firm’s management efforts.
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Services Provided by Pelican Bay Capital Management
The Firm provides certain services under the name of Pelican Bay Capital Management (“PBCM”).
Through PBCM, the Firm provides discretionary investment management services as well as sub-advisory
services.
Investment Management Services
PBCM manages assets through model portfolios. These services are generally not tailored to the individual
needs of clients. Clients, however, may impose reasonable mandates or restrictions in writing. The
portfolios are currently made up of the following. Please refer to the section on Item 8: Methods of
Analysis, Investment Strategies and Risk of Loss for a more detailed description of PBCM’s investment
strategy.
Concentrated Value Portfolio
The Concentrated Value Portfolio offers a concentrated portfolio that invests a limited number of long
equity positions. The Strategy invests in the equities of high-quality companies that enjoy durable
competitive advantages and sound balance sheets that sell for significant discounts to our estimates of their
intrinsic values. The strategy employs “bottom-up” analysis and fundamental research to identify
investment opportunities for execution of the investment strategy.
Dynamic Income Allocation Portfolio
The Dynamic Income Allocation Portfolio invests in a diversified portfolio of Exchange Traded Funds
(ETF’s) that each attempt to mimic their corresponding indices of equities, bonds, preferred stocks, Master
Limited Partnerships and REITS. The portfolio uses a top-down approach to allocate investments between
these ETF’s with the dual mandate of achieving a midsingle digit income, and protection of principle
through diversification.
Sub-Advisory Services
PBCM can be engaged to provide sub-advisory services. The terms, services and investment strategies are
individually negotiated between PBCM and the advisor.
Services Provided by Seagate Capital Management
The Firm provides certain services under the name of Seagate Capital Management ("Seagate"). Through
Seagate, the Firm provides discretionary investment management services as well as sub-advisory services.
The fees for Seagate's services can be lower than those described for MWM, but the minimum strategy
requirements are the same.
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